In the wake of her father’s passing, Vanessa Latimore found herself the steward of a modest part of his expansive real estate portfolio in Philadelphia. What started as an inheritance turned into a mission for Latimore, who aimed to restore two properties in Logan that were in dire need of renovation.
Determined and ready to bring new life to these homes, Latimore encountered a significant hurdle: securing financing for her first real estate development project.
Latimore, who has a personal connection to the veteran community, was motivated to extend help to veterans in need, noting the particular challenges they often face.
Her breakthrough came through Jumpstart Philly, a widely recognized training initiative designed to assist aspiring real estate developers in increasing the availability of affordable housing throughout the city.
Offering a comprehensive support system, Jumpstart provides participants with vital industry training, mentorship, and access to acquisition and construction loans with favorable terms aimed at alleviating blight in neighborhoods.
Since graduating from the program last year, Latimore has successfully renovated one of her properties and is collaborating with the Department of Veterans Affairs to secure tenants for the duplex.
With plans to complete renovations on the second property by the end of this year, Latimore is already eyeing new projects to undertake in the future.
“I came up under a lot of real estate and entrepreneurship and investing, so I feel like it’s kind of in my genes a little,” said Latimore, who works as an engineer with the School District of Philadelphia.
Jumpstart has emerged as a vital pipeline for affordable housing developers over the past decade, disbursing over $60 million in loans for hundreds of residential and mixed-use projects across Philadelphia.
What began as a localized effort to enhance a single neighborhood has expanded into a model of community development that is now utilized in six states, including Pennsylvania, New Jersey, and Delaware.
Ken Weinstein, the founder of Jumpstart Philly, emphasized the program’s strategic approach during a recent celebration marking its tenth anniversary.
He remarked, “It’s not a get-rich-quick scheme. We take a holistic approach … and focus on reducing gentrification by building wealth locally through slow, steady growth.”
Weinstein launched Jumpstart in 2015, driven by an influx of requests from individuals seeking guidance on how to break into the real estate industry.
With more than three decades of experience but limited time to mentor everyone individually, Weinstein conceptualized a program designed to support aspiring developers.
After developing a curriculum, he began hosting training sessions focused on revitalizing vacant and blighted properties in Germantown, a neighborhood he had invested in for years.
Currently, the program has shifted its focus to refurbishing properties in middle neighborhoods across the city—areas characterized by reasonable real estate prices, which are neither experiencing rapid gentrification nor facing the challenges associated with concentrated poverty, according to the Reinvestment Fund, which partners with Jumpstart to facilitate loans.
The demographic of borrowers participating in Jumpstart predominantly includes women and people of color who often come into the program without formal training.
As Jumpstart turns ten, Philadelphia grapples with an ongoing affordable housing crisis, exacerbated by soaring rents and a shortage of safe, habitable living spaces.
At the anniversary event, Mayor Cherelle Parker acknowledged the significant impact of Jumpstart in preserving hundreds of homes and empowering numerous residents along the way.
“I’m a ‘teach me how to fish’ kind of girl. I would much prefer that you not ever give me anything. But give me access to the tools and skills that I need to empower myself to execute,” Parker said, emphasizing her commitment to housing initiatives during her term.
In a notable development, City Council is expected to finalize Mayor Parker’s signature housing plan, aiming to create and preserve 30,000 housing units within four years.
Parker noted that homes improved through Jumpstart undoubtedly contribute to her ambitious $2 billion housing vision, an acknowledgment that brought a smile to Weinstein’s face.
image source from：https://whyy.org/articles/jumpstart-philly-housing-program-10-year-celebration/
